Thursday, May 18, 2006

Mortgages get heavier / Brace yourselves, credit-card junkies

Battered Stocks, and Hot Burgers

Delinquency rates are rising on mortgages issued last year, according to Wall Street firms. People who bought homes in 2005 faced a double whammy -- rising mortgage rates and sky-high prices. OK, "binge" borrowers, says Janet Whitman in the New York Post. Pay up. You've been "racking up credit-card debt and taking out" risky mortgages while interest rates were low. Now the "whiff of inflation" is in the air, and the Federal Reserve will have to keep jacking up interest rates "to keep inflationary pressures at bay."

Posted by foobar @ 02:32 PM (704 views)
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One thought on “Mortgages get heavier / Brace yourselves, credit-card junkies

  • Retiredbanker says:

    “Investors are loosing confidence that Washington will be able to”pay back” its mounting obligations in undepreciated
    money”. So the dollar is loosing value.

    It has been obvious for at least two years that this situation would occur.
    An astute lot these investors!

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